Tax News

Minimizing taxes on executive incomes

Although an executive employee has fewer opportunities to minimize tax than a business owner, there are still a number of things an executive client may want to consider.

By Prashant Patel |December 17, 2010

3 min read

Industry

Ottawa clarifies REIT rules

The federal government has proposed changes to the Income Tax Act provisions governing real estate investment trusts, which were exempted from the taxation treatment imposed upon other income trusts. “Our government is committed to providing clarity in the application of the REIT rules,” said Finance Minister Jim Flaherty. “These changes take into account constructive comments […]

By Steven Lamb |December 17, 2010

1 min read

Industry

Philanthropy rounds out planning

Philanthropic activity in Canada is in top gear. As the season for charitable giving draws to an end, with December 31 being the deadline for a 2010 tax receipt, Canadians are looking for ways to keep the tax man's hand out of their pocket. Charitable giving as a tax-reduction strategy is one of them.

By Vikram Barhat |December 15, 2010

3 min read

Industry

U.S. estate uncertainty still exists

Grandma still has time to get run over by a reindeer. Could it be? An early Christmas present from President Obama and the U.S. Congress? Well, if the Democrats in the U.S. House get their way over the next few days, that present will be a little smaller. So what am I talking about? As […]

By Terry F. Ritchie |December 13, 2010

3 min read

U.S. to reinstate estate tax

Yesterday, President Obama and the Republican Congressional leadership tentatively agreed to work on draft legislation that would reinstate U.S. estate tax January 1, 2011, with an “exemption” of U.S. $5 million for U.S. citizens and U.S. domiciliaries and a maximum estate tax rate of 35%.

1 min read

Boom, trust and echo

It’s a truism in the advisory business that client relationships can very often turn into family affairs. Building a sound relationship with one person can lead to relationships with spouses, close relatives and, eventually, the children. When we talk about clients, we often focus on baby boomers, the generation with the greatest numbers and the […]

6 min read

A late T1135 can be costly

I first wrote about this topic this past spring, but since then, taxpayers continue to get hit with severe penalties for not filing the form on time, notwithstanding that all their foreign income was fully declared and taxed on their personal tax returns.

By Jamie Golombek |November 17, 2010

5 min read

Maturing an RRSP – and saving on taxes

If you have clients who are turning 71 this year and are in good health, by all means congratulate them. Even in an era of growing life expectancy, 71 is a notable age. It is also an important marker in a person’s financial lifetime because this is the age at which individuals are required by […]

November 2, 2010

5 min read

Tax News

Minimizing taxes on executive incomes

Ottawa clarifies REIT rules

Philanthropy rounds out planning

U.S. estate uncertainty still exists

Merry RSP season for Canadians

U.S. to reinstate estate tax

Boom, trust and echo

Year-end tax tips

A late T1135 can be costly

Maturing an RRSP – and saving on taxes